Cryptocurrency exchange OKX announced it is expanding to Argentina as part of its strategy to conquer the Latin American Market. The exchange will launch a self-custody wallet, access to OKX’s platforms and the ability to trade NFTs.
Crypto exchange OKX is furthering its Latin American expansion. The exchange announced it launched its crypto exchange and web3 services in Argentina months after doing the same in Brazil.
We're thrilled to announce the official launch of our exchange and Web3 Wallet in Argentina! 🇦🇷This global expansion is a vital step in unlocking the potential of crypto across Latin America. Get more details here 👉 https://t.co/uiWG1Ur2Ta pic.twitter.com/W2GTfT4ynD
— OKX (@okx) February 7, 2024
OKX Launches Crypto Exchange and Web3 Services in Argentina
OKX, a cryptocurrency exchange, announced it expanded its business to Argentina. As part of its ongoing expansion strategy into Latin America, the exchange will offer Argentines access to OKX’s exchange platform, a self-custody wallet and the ability to trade non-fungible tokens (NFTs).
In a recent statement announcing the news, OKX President Hong Fang said:
“Given Argentina's position as one of the top crypto markets in Latin America with rapidly accelerating adoption, it represents an exciting milestone as OKX's latest global launch. Consumer demand for crypto assets continues to surge as innovations in the country evolve at a stunning pace. It's that combination of an established crypto foothold and swift evolution that makes Argentina so exciting as our next market.”
According to the announcement, OKX will offer the following services to its Argentine customers:
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Crypto trading, staking, and deep liquidity across hundreds of crypto assets, backed by robust security protections;
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Peer-to-peer OKX P2P for direct crypto purchases from verified local users;
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Non-custodial OKX Wallet for accessing DeFi, NFTs, dApps and more;
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Monthly Proof of Reserves reports to showcase the safety of user funds on OKX.
OKX recently launched its crypto exchange and Web 3 wallet services in Brazil. At the time, Hong Fang said Brazil represents Latin America's most prominent crypto market. The exchange will take advantage of the opportunity to drive innovation and growth of Web3 and the crypto economy in this burgeoning space.
President Encourages Crypto Adoption Amid Super Inflation
Argentina recently elected the pro-Bitcoin Javier Milei as its new president. Milei, a long-time critic of the central bank, won the election after securing 55% of the votes. Argentina has been crippled by rising inflation, and the Argentine Peso registered a 140% increase in annual inflation over the past year. In Argentina, inflation is 150%, and about 40% of the population lives in poverty.
President Milei is introducing several crypto measures to address the incredible inflation rates and has issued serious critique against IMF’s decision forcing the Argentine central to guarantee it would not entertain bitcoin. In an interview, President Milei called the central bank a scam and said:
“Bitcoin is the natural reaction to central bank fraud, but allowing money to become private once more isn’t something the thieving politicians will allow.”
To foster crypto adoption, Argentina’s government passed a decree aimed at economic reform and deregulation, allowing the use of Bitcoin and other cryptocurrencies to settle contracts. Under the leadership of President Milei, Argentines will now also have an easier path to legalise undisclosed crypto holdings. The Law of Bases and Starting Points for the Freedom of Argentines was introduced to the Argentine Congress, which contains several changes to Argentina’s tax, labour, criminal, energy, and electoral matters. Under the law, Argentines will have an easy time legalising overdue crypto holdings on tax declarations.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
